Is the check we are getting from the Gov. going to be taxable income?

I heard that we will have to claim this as taxable income when we file next year. Is this true? I think this is going to end up costing me money. It is going to put me in a higher tax bracket and the Dumrats plan on upping the taxes for these brackets.

Public Comments

1. no, "The rebate is an advance credit for tax year 2008, based on a tax cut in the economic stimulus bill." Will this reduce the amount of my tax refund next year? no, "The actual credit will be calculated on your 2008 return. If you're due a higher credit, you'll get the remainder next year when you file. If you received a higher credit than you should have, you do not have to pay anything back"
2. No it is not a taxable income. But you will still have to report it on your 2008 tax return. Based on your 2008 tax return, you may get another payment of stimulus rebate, if you did not get full $600 as rebate in 2007-- you may get the balance amount. Read more: http://taxgeek.spaces.live.com/blog/cns!2EEA05E22BF141DC!114.entry
3. No, but you will have to report it on next year's return - it's an advance payment on a tax cut that will be in effect next year - if you get the rebate now, you won't benefit from the tax cut next year because you will have already gotten the extra money.
4. No you do not have to claim it as taxable income. It is a rebate of taxes you have already paid. Also it is not advance on your 2008 credit. This is free money from the government during an election year. Go forth and stimulate the economy. Go to www.irs.gov.